How to find cash investor?

Asked by Josh Bach, Northbrook, IL Tue Apr 19, 2011

I would like to buy a foreclosed houses in Chicago area and need a cash investor. I am ready to do all the work, but need cash for purchase and remodeling. We would share the profits after resale. Any ideas where to find serious cash investors?

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6
Joe Schiller, Agent, Chicago, IL
Tue Apr 19, 2011
I invest so this is what I see in your question. You want to be hired to do work for me for more than the market rate. you see an investor does not need labor- an investor needs a scout who finds property for the investor and is rewarded. Know who you are in the market place and sell yourself as such. I am being encouraging here. Pitch yourself as something other than labor or a foreman- I already have a dozen of those who have a extensive record and I am not giving a new guy money- nobody is. SO what you want to do is be the guy who finds deals and brings them to me(not me but your guy). get a resume together and repost when you have something of interest to a money man instead of asking for a job..unless that is what you want in which case - go for it. Hope that helps.. the advice already given is golden by the way..
Web Reference:  http://joeschiller.net
2 votes
Matt Laricy, Agent, Chicago, IL
Tue Apr 19, 2011
Josh,
Your best bet is to team up with an investor who already does flips. From there, you may be able to branch off on your own, and have him front the cash. Its very tough these days to get outside investors to pony up the cash right now if they arent already in the business.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
Web Reference:  http://americorpre.com
0 votes
Marcin Talaga, Agent, Chicago, IL
Tue Apr 19, 2011
Josh,

It is very hard to find an investor willing to take a risk on Real Estate in today's market. Many people still think that the housing market is too unstable. You need to network as much as possible. Come up with a business plan, detail neighborhoods and costs, and make sure you have plenty of examples. You also need to show proof of your capability to efficiently run a construction rehab. I've been looking for investors myself, and it has been extremely hard to find SERIOUS investors. Many people love the idea, love the plan and the potential, but very very few actually have the confidence to pull the trigger. This is a GREAT GREAT time to flip houses. If you find an investor, and need help finding the right properties to flip or CMA's to present to them on potential properties, I'd be glad to help.

Marcin
Marcin@conlonrealestate.com
0 votes
Dp2, , Virginia
Tue Apr 19, 2011
Chicagoland is a great place to flip and hold properties. Although I'll do some cash deals there, I don't only do all cash deals. Yet, I do know others who prefer to invest there exclusively using only their cash.

You'll find serious investors with great deals and marketing, networking, and more education. It sounds like you'd like to do a wholesale/flip, and you might find that you'd attract more investors if you were more flexible on your terms. Stated another way, you don't necessarily need to find cash investors to do a deal.
0 votes
Tony Guisto, Agent, mokenA, IL
Tue Apr 19, 2011
One way is to network. Josh contact me and I can talk to you about some things.

Tony
redhotrei@hotmail.com
0 votes
Philip Sencer, Agent, Chicago, IL
Tue Apr 19, 2011
That might be a tough one. You need someone with the money, but not the interest or ability to do the work. Not sure how to find someone although Trulia might help. I am not sure this is a good market to be flipping property quickly. I think you would be better off buying and renting for a couple of years before selling in hopes of the market changing. There are also tax advantages to waiting more than one year. It is also very difficult to find a property that is a 'flippable' in part because those tend to be multiple offer scenarios that push the price up more than you might like to pay.
0 votes
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